The world’s largest cryptocurrency, Bitcoin, hit a historic price of $100,000. Bitcoin enthusiasts got a triumphant, pro-Trump message from the man who became its most famous cheerleader: Former President Donald Trump told them to ‘celebrate’ as he took to the Truth Social platform to celebrate their achievement.
CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!
Donald Trump Truth Social 07:55 AM EST 12/05/24 @realDonaldTrump
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 5, 2024
This represents a seven percent increase in Bitcoin’s price and takes its market capitalization to an astonishing $2 trillion. According to Asset Market Cap, Bitcoin is, in fact, more valuable than the Canadian, Taiwanese, and Australian dollars, placing it in the 18th slot on the list of the world’s most valuable assets.
Investors have been buoyed by optimism about the incoming administration, betting that Bitcoin will benefit from a better regulatory environment. Bitcoin’s trading volume rose 33 percent on December 4 to $91 billion, and sentiment indicators now indicate that 80 percent of speculators are bullish about the future of cryptocurrency.
Meanwhile, spot Bitcoin ETFs in the U.S. have also had continuous inflows for the fifth consecutive day. The rise, however, speaks to growing institutional interest and foresight regarding Bitcoin, coinciding with Trump seeming to have a more able message to back up his claims.
Elon Musk and Nayib Bukele Join the Fun
On the occasion, a key member of Trump’s leadership team, Elon Musk, took to X to comment and noted his respect for Bitcoin’s work. Musk also pointed to the Bitcoin portfolio of El Salvador’s President Nayib Bukele, an enthusiastic Bitcoin proponent.
Impressive
— Elon Musk (@elonmusk) December 5, 2024
Bukele typified a nation’s success in embracing cryptocurrency. Bukele made Bitcoin legal tender in El Salvador, pointing to its success. Bukele says that Bitcoin holdings in the nation have at least doubled or perhaps tripled in the absence of information since then.
Trump’s Cryptocurrency Stance Evolves
Trump’s embrace of Bitcoin represents his altered stance on cryptocurrency. In 2019, he expressed his skepticism about Bitcoin, calling it ‘very volatile,’ but his views have changed. Trump also voiced support for crypto during his last campaign, promising to usher in the sector during a new term in office.
“Of course, crypto is moving out of the U.S. against the hostility towards it.” I don’t want that. ‘There is a lot of potential for it. I want to keep the crypto,’ Trump said, seeming willing to bring them on board to help foster the innovation and not lose out on what is arguably a burgeoning industry.
Since Trump’s electoral victory in November, Bitcoin and other cryptocurrencies have soared, buoyed by speculation that President Trump will be more amenable to the industry than his predecessor, Barack Obama.
Trump’s celebratory remarks regarding Bitcoin show that as Bitcoin rises, so will the influence of cryptocurrency in mainstream politics and global financial markets.
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